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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />"It is understood by the parties hereto that the <br /> <br />abovesaid public right-of-way easement is necessary to <br /> <br />furnish an alley connection from the north-south alley <br /> <br />located between Parton and Garnsey Streets to Parton Street. <br /> <br />Upon the conveyance of such title, Agency will request the <br /> <br />City Council of the City of Santa Ana to vacate that certain <br /> <br />public right-of-way easement previously granted to City of <br /> <br />Santa Ana by Participant pursuant to Grant Deed recorded <br /> <br />March 22, 1980, in Book 13078, Page 303 of Official Records <br /> <br />of Orange County, 'California." <br /> <br />8. <br /> <br />Part VII of the Participation Agreement is <br /> <br />hereby amended by adding a Section VII.F. thereto, which <br /> <br />Section reads as follows: <br /> <br />"F. <br /> <br />Participant's Option to Extend <br />Date of Conveyance of Title. <br /> <br />Participant may make cash payment into the escrow <br /> <br />established pursuant to Section II.B. on or before May 1, <br /> <br />1981, in the amount of six hundred sixty five thousand <br /> <br />dollars ($665,000.00), in which event the date for <br /> <br />conveyance of title shall be extended from May 1,1981 to <br /> <br />August 1,1981 and the amount of such payment shall be set <br /> <br />off against the purchase price to be paid to Agency for the <br /> <br />Sales Parcel through escrow. <br /> <br />Such payment may be withdrawn <br /> <br />by Agency upon demand on the escrow agent by Agency's <br /> <br /> <br />Executive Director at any time thereafter, without any <br /> <br />further need for consent by Participant. <br /> <br />In the event <br /> <br />Participant fails to acquire ~he Sales Parcel within the <br /> <br /> <br />time limit provided by this Agreement, the amount of such <br /> <br />8. <br /> <br />4A <br /> <br />l3" <br />